The US House lawmakers passed a regulatory framework for stablecoins, but bipartisan talks collapsed, jeopardizing its prospects of becoming law.<\/p>\n
The House Financial Services Committee voted 34-16 to approve the regulatory framework. But the decision was deeply divided along party lines, underscoring the tensions between Democrats and Republicans. Each side blamed the other for the lack of progress in the negotiations.<\/p>\n
House Financial Services Committee Chair Patrick McHenry, a Republican representing North Carolina, held the White House responsible for obstructing the negotiations<\/a>. On the other hand, committee Democrats accused the Republicans of rushing the process without adequate consideration.<\/p>\n Earlier in the day’s proceedings, Democrats raised objections to the vote and employed procedural tactics to slow down the process deliberately. They contended that Republicans should have exercised patience and postponed the vote until September or later.<\/p>\n Initially, optimism surrounded the possibility of a bipartisan compromise on the legislation. For now, it remains uncertain whether talks will be reinitiated to provide the bill with an opportunity to become law.<\/p>\n In addition to stablecoin regulation, a separate measure related to self-custody in the crypto space also advanced past the panel with a party-line vote. However, due to the split control of Congress, it is unlikely to go further into law.<\/p>\n Despite the partisan clash, the progress is still the most significant leap forward for stablecoin regulations in the U.S. Congress. The bill now heads for a vote on the House floor but still needs to clear the Senate and get presidential approval to become law.<\/p>\n Yes! An important vote on an important protection for US investors. It turns out Ds and Rs can do good things when they focus on the American people. https:\/\/t.co\/ktEdX2ZHvm<\/a><\/p>\n — paulgrewal.eth (@iampaulgrewal) July 28, 2023<\/a><\/p><\/blockquote>\nStablecoin Regulation: Challenges Ahead<\/b><\/h2>\n
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